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Debt
 12 Months Ended
Dec. 31, 2025
Subordinated Borrowings [Abstract]  
Debt DEBT
Subordinated Notes and Debentures
The following table summarizes the Company’s subordinated debentures at December 31:
AmountMaturity Date
Initial Call Date (1)
Interest Rate
($ in thousands)20252024
EFSC Clayco Statutory Trust I$3,196 $3,196 December 17, 2033December 17, 2008
Floats @ 3 month term SOFR + 3.11%
EFSC Capital Trust II5,155 5,155 June 17, 2034June 17, 2009
Floats @ 3 month term SOFR + 2.91%
EFSC Statutory Trust III11,341 11,341 December 15, 2034December 15, 2009
Floats @ 3 month term SOFR + 2.23%
EFSC Clayco Statutory Trust II4,124 4,124 September 15, 2035September 15, 2010
Floats @ 3 month term SOFR + 2.09%
EFSC Statutory Trust IV10,310 10,310 December 15, 2035December 15, 2010
Floats @ 3 month term SOFR + 1.70%
EFSC Statutory Trust V4,124 4,124 September 15, 2036September 15, 2011
Floats @ 3 month term SOFR + 1.86%
EFSC Capital Trust VI14,433 14,433 March 30, 2037March 30, 2012
Floats @ 3 month term SOFR + 1.86%
EFSC Capital Trust VII4,124 4,124 December 15, 2037December 15, 2012
Floats @ 3 month term SOFR + 2.51%
JEFFCO Stat Trust I 7,732 7,732 February 22, 2031February 22, 2011
Fixed @ 10.20%
JEFFCO Stat Trust II (2)
4,712 4,658 March 17, 2034March 17, 2009
Floats @ 3 month term SOFR + 3.01%
Trinity Capital Trust III (2)
5,606 5,539 September 8, 2034September 8, 2009
Floats @ 3 month term SOFR + 2.96%
Trinity Capital Trust IV 10,310 10,310 November 23, 2035August 23, 2010
Fixed @ 6.88%
Trinity Capital Trust V (2)
8,521 8,358 December 15, 2036September 15, 2011
Floats @ 3 month term SOFR + 1.91%
Total junior subordinated debentures93,688 93,404 
5.75% Fixed-to-floating rate subordinated notes
— 63,250 June 1, 2030June 1, 2025
Fixed @ 5.75% until
June 1, 2025, then floats @ Benchmark rate (3 month term SOFR) + 5.66%
Debt issuance costs— (103)
Total fixed-to-floating rate subordinated notes— 63,147 
Total subordinated debentures and notes$93,688 $156,551 
(1) Callable each quarter after initial call date.
(2) Purchase accounting adjustments are reflected in the balance and also impact the effective interest rate.

The Company has 13 unconsolidated statutory business trusts. These trusts issued preferred securities that were sold to third parties. The sole purpose of the trusts was to invest the proceeds in junior subordinated debentures of the Company that have terms identical to the trust preferred securities. The subordinated debentures, which are the sole assets of the trusts, are subordinate and junior in right of payment to all present and future senior and subordinated indebtedness and certain other financial conditions of the Company. The Company fully and unconditionally guarantees each trust’s securities obligations. Under current regulations, the trust preferred securities are included in tier 1 capital for regulatory capital purposes, subject to certain limitations.
The trust preferred securities are redeemable in whole or in part on or after their respective call dates. Mandatory redemption dates may be shortened if certain conditions are met. The securities are classified as subordinated debentures in the Company’s Consolidated Balance Sheets. Interest on the subordinated debentures held by the trusts is recorded as interest expense in the Company’s Consolidated Statements of Income. The Company’s investment in these trusts of $2.9 million at December 31, 2025 and 2024 is included in other investments in the Consolidated Balance Sheets. The Company has fixed the interest rate on a portion of its junior subordinated debentures through a series of interest rate swaps. For further discussion of the interest rate swaps and the corresponding terms, see “Note 7 – Derivative Financial Instruments.”

On May 21, 2020, the Company issued $63.3 million of 5.75% fixed-to-floating rate subordinated notes due in 2030 in a public offering (the “2030 Notes”). From the date of issuance, the 2030 Notes bore interest at a rate equal to 5.75% per annum, payable semiannually in arrears on each June 1 and December 1. Beginning June 1, 2025, the 2030 Notes bore interest at a floating rate per annum equal to a benchmark rate of three-month term SOFR (as defined in the Indenture, dated May 21, 2020, between the Company and U.S. Bank National Association, as trustee, and subsequent First Supplemental Indenture), plus 566 basis points. On September 2, 2025, the Company redeemed the 2030 Notes funded through the issuance of a $63.3 million senior note at a rate of one-month Term SOFR plus a spread of 250 basis points. Prior to being redeemed, the 2030 Notes bore interest at a floating rate then equal to 9.98% per annum, payable quarterly in arrears on March 1, June 1, September 1 and December 1 of each year.

FHLB Advances
FHLB advances are collateralized by 1-4 family residential real estate loans, business loans, and certain CRE loans. At December 31, 2025 and 2024, the unpaid principal of the loans pledged to the FHLB of Des Moines was $2.9 billion and $2.6 billion, respectively. The loans are pledged to the secured line of credit to maintain the borrowing base, which had availability of approximately $1.6 billion and $1.3 billion at December 31, 2025 and 2024, respectively.

The Company did not have any FHLB advances at December 31, 2025 or 2024.

Securities Sold Under Agreement to Repurchase
The Company enters into sales of securities under agreements to repurchase. The agreements are transacted with deposit clients and are utilized as an overnight investment product. The amounts received under these agreements represent short-term borrowings and are reflected as a liability in the Consolidated Balance Sheets. The securities underlying these agreements are included in investment securities in the Consolidated Balance Sheets. The Company has no control over the market value of the securities, which fluctuates due to market conditions. However, the Company is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. The Company manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase.

The following table summarizes securities sold under agreements to repurchase as of and for the periods indicated:
December 31,
($ in thousands)20252024
Securities sold under agreement to repurchase balance$292,782 $244,618 
Weighted average interest rate2.90 %3.44 %
Federal Reserve Line
The Bank also has a line with the Federal Reserve of St. Louis which provides additional liquidity. As of December 31, 2025 and 2024, $3.0 billion and $2.8 billion, respectively, was available under this line. This line was secured by a pledge of certain eligible loans and securities aggregating $3.5 billion and $3.2 billion, at December 31, 2025 and 2024, respectively. There were no amounts drawn on the Federal Reserve line of credit as of December 31, 2025 or 2024.

Other Borrowings
The Company had $36.2 million of borrowings from various entities related to New Market Tax Credit investments at December 31, 2025 and 2024. These notes have remaining terms that range from 23-28 years. These notes have an interest rate of 1.0% and are generally interest only for the first 7 years.

Revolving Credit Line
Effective February 22, 2025, the Company entered into a credit agreement with another bank that includes a senior unsecured revolving credit commitment (the “Revolving Commitment”) and an option for a single advance term loan draw (“2025 Term Loan,” collectively the “Loan Agreement”). The Revolving Commitment has a one-year term, maturing on February 21, 2026, allows for borrowings up to $25 million, and has an interest rate of one-month Term SOFR plus 185 basis points until February 2026. In February 2026, the Revolving Commitment was renewed for a one-year term. The proceeds can be used for general corporate purposes. The revolving credit line was not accessed in 2025 or 2024.

Term Loan
In February 2019, the Company entered into a five year, $40.0 million unsecured term loan agreement (the “2019 Term Loan”) with another bank with the proceeds primarily used to fund the company’s cash portion of an acquisition in 2019. The 2019 Term Loan agreement matured in February 2024 and was not renewed.

On September 2, 2025, the Company drew on the $63.3 million 2025 Term Loan for the specific purpose of redeeming the 2030 Notes. The 2025 Term Loan is payable in 20 equal quarterly installments on March 31, June 30, September 30 and December 31 with a final installment due on the five year anniversary of the initial advance date. The interest rate of the 2025 Term Loan is one-month Term SOFR plus 250 basis points.

The Loan Agreement is subject to ongoing compliance with a number of customary affirmative and negative covenants as well as specified financial covenants. A fee of 0.40% annually is assessed against the unused commitments.

The following table summarizes the term loans as of and for the periods indicated:
December 31,
($ in thousands)20252024
Term loan balance$58,732 $— 
Weighted average interest rate6.68 %6.78 %